NZDUSD Down 2 Pips in Last Hour, Tops All Forex; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated June 7, 2021 3:22 GMT)

At the moment, NZDUSD’s rate is down -2 pips (-0.03%) from the hour prior. NZDUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDUSD, which opened today priced near 0.72091, is up 60 pips 0.83% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. NZDUSD outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

First things first: NZDUSD crossed above its 50 and 100 day moving averages yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 14.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days.